Colliers International, as exclusive advisor, is pleased to present the opportunity to acquire a 100% fee simple interest in Washington Square (“The Property”) – a 97% leased, 111,582 square-foot Community Shopping Center situated on 10.93 acres of land at the “Main & Main” intersection of State Hwy 100 and State Hwy 47 in Washington, MO (St. Louis MSA).
Located at the most prominent corner in the submarket, Washington Square features unparalleled frontage and visibility from the areas major thoroughfares, and benefits from cross traffic synergies from its neighboring national retailers including Walmart Supercenter, Lowe’s Home Improvement, Schnucks Supermarket, Walgreens, Target, Michael’s, and Aldi, among others. The main retail corridor of Washington serves as the preeminent shopping location for several communities drawing on over 150,000 people for more than 60 miles southwest to Rolla, while simultaneously drawing consumers from the outer suburbs of St. Louis. With limited competition, the Property continuously attracts 1st choice tenants and retailers who are looking to expand in the greater St. Louis area, which is evidenced by the strong historical occupancy and recent leasing activity of the center.
The current tenant lineup includes 18 tenants and boasts a diverse mix of e-commerce resistant, service-oriented tenants, essential businesses, and quick service restaurants. 74% of the GLA is leased to national credit tenants with an overall weighted average lease term of approximately five years.
In addition, the Property includes six out lot pad sites with tenants including Taco Bell, KFC, Batteries Plus Bulbs, Franklin’s Restaurant, and a brand-new Mercy-GoHealth Urgent Care, which recently executed a 10-year lease that will commence by January 2021. Mercy Go-Health is spending $590,000 of their own capital to build out the space. The remaining pad site, a former Jiffy Lube, has great frontage on the hard corner and provides a compelling value-add opportunity.
The largest anchor tenant, Big Lots, features approximately 8.5 years left on a recent 10-year lease extension and expansion with a 13.64% rent increase in 2024. This location was the first Big Lots in the state of Missouri to be converted to the retailer’s new store concept, with the tenant investing $500,000 of its own capital into expanding and improving the space, further demonstrating their commitment to the site.
Since 2011, current ownership has invested approximately $2.8MM in capital expenditures and upgrades. With renovations in both 2011 and 2018, the Property features an upgraded modern façade, brand new roof with 18-years remaining on the warranty, resurfaced parking lot, new HVAC units, and fresh landscaping.
Washington Square offers investors an opportunity to acquire a high-performing community shopping center with unmatched historical occupancy in the area’s top location, with additional upside potential through vacant space lease-up and strong contractual rent increases.
- 112,000 SF | $12,500,000